SMM Lead Market Morning Comment (June 4)

Overnight, LME lead opened at $2,279/mt, fluctuated downward during the Asian session to a low of $2,272/mt. In the European session, LME lead inventories continued to decline together with increased expectations of a US Fed rate cut, leading shorts to reduce positions. LME lead fluctuated upward to a high of $2,300/mt, dropped slightly in the night session, and closed at $2,284.5/mt, up 0.48%.

Overnight, the most-traded SHFE lead contract 2407 opened at 18,860 yuan/mt, briefly touched a low of 18,840 yuan/mt at the beginning of the session, then was boosted by the upward movement of LME lead, rising to a high of 19,055 yuan/mt. Longs increased positions, and SHFE lead hovered around a high level, closing at 18,960 yuan/mt, up 0.9%.